This is one of the tops frequently asked questions amongst other questions concerning the merchant Navy. We decided to write an article on this particular question, to clear the wrong notion of people about the merchant Navy.

Firstly, to address the question of merchant Navy officers not being rich enough, generalizing the question seems a bit unfair. Not all officers are not rich enough. The word rich is another call for concern in this question. What is your definition of being rich? What are the attributes required from a rich man, and what differentiates a rich man from others?

What is the exact meaning of not being rich enough? Is it like purchasing a cruise boat or private jet kind of rich or living in a luxurious house and not lacking anything kind of rich? There are different definitions of being rich.

Let’s start by defining the word rich. 

According to the amplified English dictionary, rich is defined as being wealthy and having many money and possessions. Having defined what being rich is, we can agree that generalizing the initial question was unfair. There are many wealthy merchant navy officers, both retired and still active officers, who are doing pretty well for themselves.  

Most rich or wealthy merchant navy officers didn’t just become wealthy overnight based on their salary. The salary may be large, but that doesn’t guarantee their ability to stay rich.                                     

We would be making a few lists of why some merchant navy officers are not as rich as they should be. 

Why Some Merchant Navy Officers are Not As Rich As They Should Be

Merchant navy is one of the high paying jobs, a deserved salary based on the stressful duties they perform. So the question is, why are some officers not as rich as rich as they should be, despite their significant salaries? 

After doing some researches, here are a few lists of the mistakes some of the merchant navy officers make;

1. Some merchant navy officers get carried away by sea life. 

Going with the flow or adapting to the life on-board a ship is not a bad thing. It is actually a wise thing to do. The problem here is letting yourself get carried away.

Seafarers or merchant navy officers are always pampered on the sea. Their employers provide them with basically all they need when they are on-board. They provide them with all their needs, ranging from feeding them to providing health insurance for them. 

With all this pampering, some officers forget what life is like. When not at sea, they lose focus on doing what is necessary. They fail to understand that most of the privileges they enjoy when on-board ends once their contract ends. 

Intending seafarers and current merchant navy officers, our advice to you are to try not to get too used to your employers taking care of all your needs when on-board a ship.

2. Have bad insurance or worse, no insurance.

This is one of the bad effects of the above-listed mistake. Being too comfortable can make anyone lose focus. Some seafarer/merchant officers assume they already have insurance provided by their employees, thus having no need for another. They end up either not having any kind of insurance or having a bad insurance.

3. Lavish spending

Some, not all merchant navy officers, spend lavishly, without having any other plan place, aside from the next salary. They buy expensive houses, cars, live an expensive life without having future plans. They have the only future plan in securing a new contract, which may take as much ten months to find one.

4. Little or no investments

This is what makes or breaks seafarers literally. Most of the wealthy merchant navy officers, you know, did some major investments. Having investments shouldn’t be difficult for seafarers. When on the sea, they have little or no use for money. Why not invest this money since you have no use for it at the moment? The experienced and informed seafarers invest their money into one or multiple investments, letting their money produce more money for them.

For intending seafarers and the current merchant navy officers, it is not too late to invest, do the necessary research that needs to be done, get a trusted family or friend to help secure good investments when you are on-board. Salaries are just steady incomes at the moment. Once your contract ends, your salary stops. Investments are always with you, depending on the kind of investment you secured.

5. Lack of savings or emergency funds

Not planning for the future mostly does not end well. Just as the sea cannot be predicted, the future is also unpredictable. Learn to be prepared for anything, keep emergency funds just if something goes wrong, save too. Anything can happen at any time, no one prays for misfortune, but there is no harm in planning ahead. 

6. Bad tax plan

The problem with a bad tax plan is that when it hits you, it leaves bruises. The bad tax has brought down lots of people, celebrities, inclusive. Aside from the fact that properties could be ceased, a tax offender can up in prison.

Make sure you do not mess up your tax payment. If you can’t do it yourself, get a professional to help you get the job done.

The above-listed mistakes have affected many merchant navy officers when it could have just simply been avoided. The merchant navy profession is really good and prestigious, the privileges of an officer are great as well, and it doesn’t after to end after retirement.

Make sure your days as a merchant navy officer don’t go to waste and secure your future by doing the right thing. 

It is never too late to adjust things. We would love to hear your contribution to this topic. Do you agree with the article? If NO what other things do you think is the reason why WHY SOME MERCHANT NAVY OFFICERS ARE NOT AS RICH AS THEY SHOULD BE.